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Brokers bring in business at booming Coventry

Coventry Building Society is thanking brokers for a 24 per cent rise in its net mortgage lending in the first half of this year.

The mutual’s net lending leapt to £851m from £706m in the first half of 2007.

Coventry’s share equates of the total net mortgage market has almost tripled to to 3 per cent and represents around a quarter of total net lending by building societies. HBOS recently revealed it only had a 7 per cent market share.

Profits for the group, which includes intermediary arm Godiva Mortgages, rose by 8 per cent to £35.5m.

Coventry head of sales and managing director of Godiva Colin Franklin says a lot of the success is down to brokers. He says: “Much of growth is intermediary-led, in excess of 80 per cent is thanks to them. We think that brokers are coming to us because we have stuck to our pledges – no dual-pricing and 48 hours’ notices on pulled products. We have worked hard with intermediaries and that has paid off.”

Coventry, the UK’s fourth-biggest building society, says mortgages and other loans grew by 7 per cent to £862m in the half-year and by £1,930m since June 2007– an 18 per cent rise.

The society also says that just 0.18 per cent of its accounts are more than six months in arrears, one-third of the Council of Mortgage Lenders’ average.


Buy to let showing resilience

Buy-to-let lending figures have dropped less sharply than the rest of the market, according to the Council of Mortgage Lenders.

Guinness firm opens first fund

Iveagh, the company created to manage the Guinness family assets, has launched its first retail fund. The Iveagh wealth fund is a multi-asset fund targeting annualised returns of 9.5 per cent.

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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